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The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004 , the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 [ 1 ] and has wider powers and a new proactive and risk-based approach to regulation.
The Pensions Ombudsman, together with the Pensions Regulator. the Pensions Advisory Service and the Pensions Registry, are funded by a levy on occupational pension schemes. The Ombudsman's services are free to complainants and respondents, and the Ombudsman's jurisdiction extends to many pension arrangements that are not subject to the levy.
www.gov.uk /dwp The Parliamentary Under-Secretary of State for Pensions is a junior position in the Department for Work and Pensions in the British government. In the 1970s the minister was known as Parliamentary Under-Secretary of State for Employment .
The total annual budget of the department in 2011–12 was £151.6 billion, representing approximately 28% of total UK Government spending. [40] The department spends a far greater share of national wealth than any other department in Britain, by a wide margin.
The first Act to follow was the Pensions Act 2004, which updated regulation by replacing the Occupational Pensions Regulatory Authority (OPRA) with the Pensions Regulator and relaxing the stringency of minimum funding requirements for pensions, while ensuring protection for insolvent businesses.
The Act introduced two new regulatory institutions: the Pensions Regulator, with the powers to require sponsoring companies to make contributions to ensure that scheme funding objectives are met; and the Pension Protection Fund, which would inherit the pension liabilities of a pension scheme in the event that a sponsoring company becomes insolvent.
Text of the Pension Schemes Act 1993 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. The Pension Schemes Act 1993 ( c. 48 ) is a United Kingdom Act of Parliament that concerns the administration of occupational pensions .
The Pensions Act 2008 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in.